MajorsDec 14, 2022
Pandora Will Relocate North American HQ to NYC from BaltimoreFinancialsFeb 08, 2023
Pandora to Open More Stores, Expand Lab-Grown Diamond Line
In its full-year results, the Danish jeweler outlined its plans for the year ahead.
In Pandora’s full-year results, announced Wednesday morning, the company posted revenue growth of 13 percent year-over-year.
Copenhagen, Denmark—Pandora posted a strong finish to its fiscal year, reporting growth in its fourth quarter and for the full year despite macroeconomic issues.
The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.
Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.
Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.
It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.
Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.
For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.
Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.
Related stories will be right here …
The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.
Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.
Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.
It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.
Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.
For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.
Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.
By sales channel, Pandora-owned physical retail stores saw sales up 24 percent year-over-year in the quarter and up 36 percent for the full year.
Online sales were flat in the fourth quarter and fell 6 percent for the year. Wholesale sales were down 5 percent in the fourth quarter and slipped 2 percent for the full year.
In the U.S., Pandora's largest market by revenue, quarterly sales were up 12 percent year-over-year while full-year sales were up 13 percent.
In 2022, Pandora opened 88 concept stores, mainly in the U.S. and China.
The company plans to open even more, eyeing approximately 140 to 190 openings in combined 2022 and 2023, well above the initial 100-150 openings it forecast at its Capital Markets Day in September 2021.
As for its jewelry, its “Moments” collections performed well, as did its “Diamonds by Pandora” lab-grown jewelry line, which got its start in the U.K. before launching in North America last year.
Its North American debut has been going to plan, said the company, with new collections in the works for this year. Half of the line’s purchases are from new customers and its lab-grown rings are the top performers, it said.
The company plans to bring the collection to new markets, though did not specify where the line would head next.
Pandora also noted it’s on track to meet its “green” goals, noting 61 percent of its silver and gold came from recycled sources in 2022. Its goal is 100 percent by 2025.
Looking to the year ahead, Pandora said it remains confident in its ability to navigate the “uncertain environment” while working on its strategic priorities.
It expects to see organic growth falling or rising as much as 3 percent with an EBIT margin around 25 percent.
“Current trading in 2023 has been solid with a good, broad-based pick-up in sell-out growth. This is somewhat helped by an easier comparative base due to Omicron and earlier product launches than last year,” said Pandora, adding it is “pleased” that trading has been in line with its Q4 progress.
“We have started 2023 well and are confident that the transformation of the brand over the past few years puts Pandora in a good position to manage adversity and emerge stronger,” said Lacik.
More on Financials
The Latest
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
